Question-2 (Consumers' Surplus) (20 points) Consider a linear demand curve D(p) = 60 - 3p. 1. Draw this demand curve on a graph. 2. When the price changes from 4 to 3, what is the associated change in consumer's surplus?Question-3 (Elasticities) (15 points) For each demand function, find an expression for the price elasticity of demand. 1. D(p) = 60 - p 2. D(p) = 40p-2 3. D(p) = (p + 2)-1Question-1 (Income and Substitution Effect) (20 points) The graph below shows the optimal bundle (I'.y") of a consumer when the prices of goods are p, and joy. The red line denotes the budget. line, and the blue curve denotes indifference curve-s. m denotes the income level of the COIISUIIICI'. )' mm m; p